53,491 Shares in OceanFirst Financial Corp. $OCFC Acquired by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 53,491 shares of the savings and loans company's stock, valued at approximately $1,045,000. Legal & General Group Plc owned 0.09% of OceanFirst Financial as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of OceanFirst Financial by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,193 shares of the savings and loans company's stock valued at $582,000 after buying an additional 1,461 shares during the period. Empowered Funds LLC lifted its holdings in OceanFirst Financial by 5.5% during the first quarter. Empowered Funds LLC now owns 140,481 shares of the savings and loans company's stock worth $2,390,000 after acquiring an additional 7,359 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in OceanFirst Financial by 8.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,122 shares of the savings and loans company's stock worth $2,417,000 after acquiring an additional 11,262 shares in the last quarter. Jane Street Group LLC grew its stake in OceanFirst Financial by 107.0% in the first quarter. Jane Street Group LLC now owns 88,353 shares of the savings and loans company's stock valued at $1,503,000 after acquiring an additional 45,673 shares during the period. Finally, Prudential Financial Inc. grew its stake in OceanFirst Financial by 15.6% in the second quarter. Prudential Financial Inc. now owns 24,450 shares of the savings and loans company's stock valued at $431,000 after acquiring an additional 3,295 shares during the period. Institutional investors own 70.98% of the company's stock.

OceanFirst Financial Stock Performance

NASDAQ:OCFC opened at $19.43 on Tuesday. OceanFirst Financial Corp. has a twelve month low of $17.05 and a twelve month high of $20.61. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The business has a 50 day moving average price of $19.35 and a two-hundred day moving average price of $18.78. The company has a market cap of $1.88 billion, a P/E ratio of 22.86 and a beta of 0.97.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The savings and loans company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.34%. The company had revenue of $131.33 million during the quarter, compared to analysts' expectations of $135.62 million. As a group, analysts expect that OceanFirst Financial Corp. will post 1.81 EPS for the current fiscal year.

OceanFirst Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.80 annualized dividend and a yield of 4.1%. OceanFirst Financial's payout ratio is 94.12%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on OCFC. Weiss Ratings raised OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, June 29th. Piper Sandler reiterated a "neutral" rating and issued a $21.00 price objective (up from $19.00) on shares of OceanFirst Financial in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, OceanFirst Financial has an average rating of "Hold" and a consensus price target of $21.50.

Insider Activity

In other news, EVP Brian Schaeffer sold 5,500 shares of the firm's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $18.91, for a total value of $104,005.00. Following the completion of the transaction, the executive vice president owned 83,068 shares in the company, valued at $1,570,815.88. This trade represents a 6.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Buran sold 113,463 shares of OceanFirst Financial stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $19.40, for a total value of $2,201,182.20. The disclosure for this sale is available in the SEC filing. Insiders own 5.40% of the company's stock.

OceanFirst Financial Profile

OceanFirst Financial Corporation NASDAQ: OCFC is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company's core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.

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